Binance, a prominent cryptocurrency exchange, has made the decision to exit the Dutch market after failing to secure a virtual asset service provider (VASP) registration from the local regulatory authorities. The exchange will immediately halt the onboarding of new customers from the Netherlands, while existing customers will face service terminations, except for withdrawals, effective July 17.
In an official announcement, Binance acknowledged its extensive registration application process with the Dutch regulator but expressed disappointment in not obtaining the necessary VASP registration at this time. The exchange reiterated its commitment to obtaining the required authorizations to resume providing its products and services to users in the Netherlands.
Despite regulatory challenges in the United States, Binance has successfully obtained licenses in multiple European countries, including France, Italy, Spain, Poland, Sweden, and Lithuania, solidifying its compliance with anti-money laundering regulations in those jurisdictions. However, the exchange recently opted to renounce its license from the regulatory authority in Cyprus.
Binance has promptly requested Dutch customers to withdraw their funds, providing them with comprehensive guidance and support throughout the process. The exchange remains dedicated to navigating the regulatory landscape and ensuring a secure and compliant cryptocurrency trading experience for its global user base.
